Hot News on the Cryptocurrency Industry: The U.S. Senate Passes the GENIUS Act
A Call from Ripple's CEO on the Historic Legal Text
Ripple CEO Brad Garlinghouse praised the U.S. Senate's victory in passing the GENIUS Act, calling it a 'historic turning point' for the cryptocurrency sector and the inclusive financial system. In a significant vote, the bill was approved with 68 votes in favor and 30 against, reflecting an unusual political consensus. This law opens up a clearer direction for cryptocurrency regulation, especially for stablecoins, promoting transparency and trust in the industry.
New Regulations for Stablecoins: A Step Forward from Federal Law
Establishing a Legal Framework for Stablecoins
According to the provisions of the GENIUS Act, only authorized organizations like banks are qualified to issue cryptocurrency backed by the U.S. dollar. This aims to create a safe system, minimizing risks for users and investors.
Transparent Reporting and Regular Audits
Stablecoin issuers must publish monthly reports, clearly defining what backs their tokens. Notably, major issuers must also conduct annual audits to ensure transparency. These regulations aim to build trust and promote the development of the stablecoin market.
Positive Changes from Bipartisan Policy
New Attitude of Lawmakers
This law has received rare support from bipartisan political allies, including 18 pro-cryptocurrency Democratic lawmakers collaborating with Republicans. This indicates that the government is increasingly aware of the potential of the cryptocurrency sector, especially with clear regulations.
Impact on XRP and Ripple
According to users' comments on social media, the GENIUS Act could enhance the credibility of Ripple's RLUSD stablecoin. Consequently, it helps boost the confidence of major financial institutions and increases the volume of cross-border transactions using XRP, expanding the influence of this coin in global payments.
Enhancing User Protection and the Strength of the USD
Comprehensive Protection Solutions
Supporters assert that, in addition to regulation, the bill also enhances consumer rights, strengthens national security, and maintains the superiority of the U.S. dollar in the digital age. This is a strategic advancement that helps the cryptocurrency industry develop more sustainably.
Impact on the Cryptocurrency Market
Brad Garlinghouse emphasized that, after many years of advocacy, the industry has succeeded in obtaining transparent and clear regulations. When the GENIUS Act is implemented, its positive impacts will be more vividly reflected in the fluctuations of the cryptocurrency market and Ripple's expansion ambitions.
Conclusion: The U.S. Attitude Has Started to Shift Positively
In this new legal context, cryptocurrency investors can expect a clearer and safer regulatory environment. The U.S. government has begun to collaborate with the industry, opening up many opportunities for the long-term development of blockchain and cryptocurrency projects. This is a breakthrough step that helps maintain the position of the USD and promotes the growing digital currency ecosystem.
Source: https://tintucbitcoin.com/ceo-ripple-phan-ung-ve-luat-tien-dien-tu-my/
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